Market Analysis: 16 July 2018

Disclaimer: The views and claims expressed here are not meant as an alternative form of investment advice. Every investment move involves risk, and you should consult professional financial advisors for guidance or conduct your own research before making a decision.

According to TokenInsight analysis, Bitcoin’s popularity decreased to 0.08% and the number of active addresses failed to meet the weekly average, resulting in 396,000 this week from last week’s figure of 521,000. In addition, hashing difficulties increased by 5.7% last week, which was the second record high in the past 3 months. BCtrend analyst states that Bitcoin’s hashing difficulty has increased significantly and the market is likely to enjoy a promising prospect later this month if this trend continues. According to independent analyst Tommy Tang, Bitcoin continues to fluctuate while its bottom is gradually rising, market correction is likely to be set around the $6,400-$6,500 mark.